How Divorce or Widowhood Affects Your Social Security
Getting a divorce or losing your spouse can be devastating, make sure that your social security benefits are the last thing you need to worry about.
Divorce: A Fork in the Road
Divorce, while emotionally distressing, shouldn't drive you into a financial cul-de-sac. Thanks to the Social Security system, you could potentially claim benefits from your ex-spouse's work record. The caveat? You should have been married for at least ten years, and you shouldn’t have remarried.
The benefits on your ex-spouse’s record only come into play if they’re higher than what you'd receive on your own. Hence, it could serve as a financial detour that leads to a smoother ride. Age 62 is your green light to begin claiming, with the condition that your ex is eligible for retirement benefits. Interesting fact? Your ex doesn't need to start claiming for you to do so!
Widowhood: A Sharp Turn
Widowhood often feels like hitting an emotional speed bump. Navigating through can be tough, but knowing your financial options can ease the journey. As a widow or widower, you can start claiming Social Security benefits from as early as age 60 (or 50 if disabled).
Once you reach full retirement age, you can claim 100% of your deceased spouse's benefits. However, a word of caution: claiming benefits before full retirement results in reduced payouts. Forewarned is forearmed, as they say.
Remarriage: A New Intersection
If life directs you to the lane of remarriage, the route to Social Security benefits does a switcheroo. If you've been divorced and decide to remarry, you usually can't claim benefits on your ex-spouse's record unless your new marriage ends.
Widows and widowers get a bit more leeway. If you remarry after turning 60 (or 50 if disabled), you can still claim benefits on your late spouse's record. It's a financial turn signal to help you move forward.
A Route Map to Security
Navigating the landscape of Social Security amidst divorce or widowhood can feel like maneuvering a complicated roundabout. However, with some strategic planning and the right guidance, you can steer clear of financial roadblocks.
